Frank Rimerman Advisors LLC Raises Stock Position in Cummins Inc. (NYSE:CMI)

Frank Rimerman Advisors LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,561 shares of the company’s stock after buying an additional 67 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Cummins were worth $1,241,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Global Trust Asset Management LLC raised its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department purchased a new stake in Cummins during the 4th quarter valued at $26,000. Compass Financial Services Inc purchased a new stake in Cummins during the 4th quarter valued at $27,000. SBI Securities Co. Ltd. bought a new stake in Cummins in the fourth quarter worth $30,000. Finally, Prospera Private Wealth LLC purchased a new position in Cummins during the third quarter worth $32,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 3.0 %

Shares of Cummins stock opened at $322.24 on Friday. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a market cap of $44.30 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 2.19 and a beta of 1.01. The firm’s 50-day moving average is $359.39 and its two-hundred day moving average is $346.87.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company posted $4.14 earnings per share. As a group, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird raised their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, Jefferies Financial Group upped their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $392.64.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.